While many of you will be going out this week to stores to save on your holiday gift giving needs, there are ways to save money from the comfort of your own home. Microsoft, which has already announced a number of Black Friday Xbox 360 retail deals, has now launched its Xbox Live holiday sales event.

Major Nelson reports that the sale will continue until Monday and will feature price cuts on a few Games on Demand titles. In that particular case, the prices of Portal 2, Left 4 Dead 2, Dead Island and Gunstringer are now all priced at $19.99, compared to their normal $29.99 price.

In addition, some Xbox Live Arcade games will get price cuts during the sale. That includes games like South Park: Tenorman's Revenge, Daytona USA, Magic 2013, Warp and Space Channel 5: Part 2, which are now priced at just 400 Microsoft Points during the sale.

Rock Band Blitz and Spelunky will also be reduced down to 600 Microsoft Points during the sale this week. Finally, there's a boatload of DLC content and Xbox Live Avatar items that have price cuts this week.